Propiem 2-4UA CITEC or events on tinancial Statements LU 2-3, 2-0 Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts Receivable Land Total $ 46,000 51,000 26,000 $123,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 26,080 82,000 15, eee $123,000 1:22 The following accounting events apply to Waddell Company's Year 2 fiscal year: Feb. Jan. 1 Acquired $48,000 cash from the issue of connon stock. 1 Paid $5,400 cash in advance for a one-year lease for office space. Mar. 1 Paid a $2,300 cash dividend to the stockholders. Apr. 1 Purchased additional land that cost $26,000 cash. May 1 Made a cash payment on accounts payable of $18,000. July 1 Received $8,000 cash in advance as a retainer for services to be performed monthly over the coming year. Sept. 1 Sold land for $22,000 cash that had originally cost $22,000. Oct. 1 Purchased $1,140 of supplies on account. Dec. 31 Earned $68,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $59, eee. 31 Incurred other operating expenses on account during the year that amounted to $13,000. 31 Recognized accrued salaries expense of $4,300 31 Had $190 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $30,000. Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? 0:59 Required Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint Enter items in general ledger accounts under the accounting equation before answering the questions.) a. What amount would Waddell report for land on the balance sheet? b. What amount of net cash flow from operating activities would be reported on the statement of cash flows? c. What amount of rent expense would be reported on the income statement? d. What amount of total liabilities would be reported on the balance sheet? e. What amount of supplies expense would be reported on the income statement? f. What amount of unearned revenue would be reported on the balance sheet? g. What amount of net cash flow from investing activities would be reported on the statement of cash flows? h. What amount of total expenses would be reported on the income statement? 1. What amount of service revenue would be reported on the income statement? J. What amount of cash flows from financing activities would be reported on the statement of cash flows? k. What amount of net income would be reported on the income statement? 1. What amount of retained earnings would be reported on the balance sheet? es Complete this question by entering your answers in the tabs below. Accounting Equation Req A to L Based on the preceding information, answer the following questions for Waddell Company. All questions pertain to the Year 2 financial statements. (Hint: Enter it accounts under the accounting equation before answering the questions.) (Do not round intermediate calculations. Enter any decreases to account balances with Accounting Equation Date Assets Prepaid Rent Supplies Cash 46 000 Land Liabilities Salaries Payable Accounts Receivable 51,000 Accounts Payable 26.000 Unearned Revenue Stockholders' Equity Common Retained Stock Earnings 82,000 15,000 Balm 26,000 = CH 4 Accounting Equation Assets Date Cash Prepaid Rent Accounts Receivable 51,000 Supplies Land Accounts Payable 20.000 Liabilities Salaries Payable Unearned Revenue Stockholders' Equity Common Retained Stock Earnings 82.000 15,000 48.000 0 0 26.000 0 0 00:20:35 5.400 46 000 4 000 (5 400) (2,300) (26,000) (18,000) 8,000 22.000 12,300) 25,000 Jook Bal Jan 1 Feb 1 Mar. 1 April 1 May 1 July 1 Sept 1 Oct 1 Dec 31 Dec 31 Dec 31 Dec 31 (18.000) 8,000 ences (22.000) 1.140 1.140 68,000 (59,000) 50,000 13.000 4,300 (950) = Dec 31 Dec. 31 Dec 31 Dec 31 (4,000) Bal 131,300 60,000 5,400 190 30,000 = 22,140 4,300 4000 130,000 12,700 Prob Saved What amount would Waddell report for land on the balance sheet? What amount of net cash flow from operating activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of rent expense would be reported on the income statement? (Do not round intermediate calculations.) What amount of total liabilities would be reported on the balance sheet? What amount of supplies expense would be reported on the income statement? What amount of unearned revenue would be reported on the balance sheet? (Do not round Intermediate calculations.) What amount of net cash flow from investing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of total expenses would be reported on the income statement? (Do not round intermediate calculations.) What amount of service revenue would be reported on the income statement? (Do not round intermediate calculations.) What amount of cash flows from financing activities would be reported on the statement of cash flows? (Enter cash outflows as negative amounts.) What amount of net income would be reported on the income statement? (Do not round intermediate calculations.) What amount of retained earnings would be reported on the balance sheet? (Do not round intermediate calculations.) Show less a Land b. Net cash flow from opagating activities c Rent expense d Total liabilities e Supplies expense Unearned revenue Ig Net cash flow from investing activities h Total expenses Service revenue Cash flows from financing activities Ik Net income L Retained earnings Neyi 4